Ongoing Advice Fees

You may have received advice from your financial adviser and been recommended to make investments, contribute to retirement planning or transfer existing arrangements or pension schemes. If so, you may have been charged by your adviser, not only at the start but every year since. We’re helping clients recover these charges if they can’t be justified.

What are Ongoing Advice Fees?

From the start of 2013 the regulations were changed in order to improve the Financial Services Industry. This meant that Financial Advisers had to have higher qualifications but also that they could no longer earn commission for ‘selling’ investments.

Instead, advisers had to charge a fee for the service they provided to their clients. For those receiving financial advice since 2013, the regulations state that every client should have regular reviews with their financial adviser to ensure that recommended products remain suitable, taking into account their personal and financial circumstances.

Each client pays an Ongoing Advice Fee (OAF) which is calculated as a percentage of the overall assets held. We believe that for every year a review did not take place the OAF should be refunded.

How we can help

Claiming compensation for Ongoing Advice Fees is our speciality. We know who should and shouldn’t have been charged these fees. It’s our mission to help clients who may have been victims of unfair charges by helping them claim a significant rebate.

How to judge if you’ve been paying charges which are unjustified

If your answer to any of the below questions is “no”, you may have been charged unfairly:

  • Have you had a face-to-face meeting with your adviser EVERY year?
  • Did you receive advice only before 2013?
  • Are you aware of how much you pay each year in charges?
  • Does your adviser discuss in detail your personal and financial circumstances when you receive an annual statement?
  • Did your adviser inform you that charges would be taken for your investments automatically?

If you can reply “yes” to the further questions below, then you may also have been charged unfairly:

  • Have you received financial advice since 2013?
  • Does your adviser only contact you by telephone or letter?
  • Have you taken money from your pension since 2013?
  • Have you changed your investment funds since 2013?
  • Have you added lump sums to investments or pensions after 2013?

What’s the next step?

If you would like more information about reclaiming for Ongoing Advice Fees, or to simply talk through your situation, call our friendly team of experts on 01204 565331 or email enquiries@amklegal.co.uk. Alternatively, you can request a call back below and we’ll get back to you straight away.

St James's Place

St James’s Place is one of the most well-known Wealth Management brands

Quilter

Quilter is a leading UK Wealth Management provider.

Openwork

The Openwork Partnership is a leading UK financial advice company.

Brewin Dolphin

Brewin Dolphin are one of the largest UK wealth management firms.

Back To Top